Nip Impressions logo
Sun, Sep 26, 2021 18:16
Visitor
Home
Click here for Pulp & Paper Radio International
Subscription Central
Must reads for pulp and paper industry professionals
Search
My Profile
Login
Logout
Management Side
New Owners: Roaring Spring Paper Mill May Have New Life

NORTHBROOK, Ill. (News release) -- New owners are providing some hope that the former Appvion Paper Mill in Roaring Spring, PA may have new life.

A newly formed company, Roaring Spring Park, LLC, has just closed on the facility and has been actively involved in identifying and supporting potential uses for the plant and the site, including restarting the paper mill and/or repurposing the assets. Investors in Roaring Spring Park LLC include owners of four different companies with a history of success in repositioning and redeveloping idle assets from major corporations in a variety of industries. Roaring Spring Park investors include Big Shoulders Capital, Capital Recovery Group, LLC, Rabin Worldwide and Calbag Metals Company.

"We see the potential for this paper mill and are actively working to bring in new owners with the expertise needed to resurrect the closed facility," said David Muslin, chairman of Big Shoulders Capital in Northbrook, Illinois.

According to William Firestone, president of Capital Recovery Group (CRG), "Appvion invested millions of dollars in upgrades to equipment over the years and we see a significant opportunity, based on current market conditions, to add value to this facility."

Big Shoulders, CRG, Rabin Worldwide and Calbag all have a history of repositioning idle assets, which has included investing their own funds, to identify and support successful new ownership in other facilities such as aluminum products manufacturing, pulp mills, pharmaceuticals, and chemical industries and, in the process, they have saved or created thousands of jobs.

"As markets and competition continue to change constantly, we have developed an expertise in identifying and reconfiguring legacy businesses in a way that creates new value," said Firestone. "We are optimistic that we can do the same for Roaring Spring Park."

The process of finding the right mix of investors and owners could take several months. "We are purchasing this facility because we believe it has long-term potential," added Muslin.

When Appvion closed the plant in March it left 300 workers without jobs. The paper mill, founded in 1866, has been one of the largest employers and an anchor in the community, attracting ancillary businesses to Roaring Spring.

More information on the investors in Roaring Spring Park is available on their individual company websites: www.bigshoulderscap.com , www.crgllc.com, www.rabin.com , and www.calbag.com .

Readers, please tell your suppliers that you read Paperitalo Publications


Printer-friendly format

 





Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: